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Turkey: bonds

Turkey has the sixth largest local currency bond market among the emerging market countries. Its key instruments are corporate bonds, commercial paper and bank bills.

The corporate bond market in Turkey amounted to only TL481 million (US$340million) at the end of 2009, jumping up to TL1.4 billion5 (US$1.9 billion) in end 2010 and to TL4.3 billion in end 2011. This is still very small in comparison to other major emerging market countries.

Since the Turkish eurobond market opened in early 2011, banks and corporates are now allowed to issue eurobonds directly without having to pay withholding tax on interest payments under the bonds. This change in law, along with the favourable market conditions, has encouraged many Turkish issuers (predominantly banks) to come to market.

Strategic benchmarks in public debt are:
- To make borrowing mainly in TL;
- To use fixed rate TL instruments as the major source of domestic cash borrowing and decrease the share of debt which has interest rate refixing period less than 12 months;
- To increase the average maturity of domestic cash borrowing taking market conditions into consideration and decrease the share of debt maturing within 12 months;

Outstanding bond issues

Сurrency Outstanding bond issues Cumulative volume
sovereign
TRY 59 564 233 892 432
USD 27 55 250 000 000
EUR 5 6 500 000 000
JPY 3 370 000 000 000
corporate
TRY 758 75 870 424 069
USD 100 51 203 879 000
EUR 17 2 569 129 840
MYR 6 1 960 000 000
JPY 1 900 000 000
AUD 1 15 000 000
RON 1 108 000 000

News and comments

Sovereign rating

Rating AgencyRatingRating scaleDate
RIA Rating *** Sovereign ratings ***
Dagong Global *** International scale rating (foreign curr.) ***
Dagong Global *** International scale rating (local curr.) ***
Organisation for Economic Co-operation and Development (OECD) *** Country Risk Classifications ***
Moody's Investors Service *** LT- foreign currency ***
Moody's Investors Service *** LT- local currency ***
S&P Global Ratings *** Foreign Currency LT ***
S&P Global Ratings *** Local Currency LT ***
Fitch Ratings *** LT Int. Scale (foreign curr.) ***
Fitch Ratings *** LT Int. Scale (local curr.) ***
Japan Credit Rating Agency *** Foreign Currency Long-term Issuer Rating ***
Japan Credit Rating Agency *** Local Currency Long-term Issuer Rating ***
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Latest bond issues

issue ISIN coupon volume end of placement maturity date
Aktif Bank, 0% 31aug2020, TRY (531D) - Domestic bonds TRPAK9E82019 0% 18 250 000  TRY 03/19/2019 08/31/2020
Aktif Bank, 18.5% 5oct2018, TRY - Domestic bonds TRDABVKE1825 18.5% 50 000 000  TRY 07/20/2018 10/05/2018
Tera Menkul, 0% 11jan2019, TRY (179D) - Domestic bonds TRFTERA11918 0% 30 000 000  TRY 07/16/2018 01/11/2019
Aktif Bank, 0% 28sep2018, TRY (77D) - Domestic bonds TRFAKYB91812 0% 50 000 000  TRY 07/13/2018 09/28/2018
Global Yatirim Holding, 23.0002% 10jan2019, TRY - Domestic bonds TRFGLMD11915 23.0002% 15 000 000  TRY 07/13/2018 01/10/2019
QNB Finansbank, 0% 5oct2018, TRY (84D) - Domestic bonds TRFFNBKE1869 0% 96 000 000  TRY 07/13/2018 10/05/2018
Akbank, 0% 4sep2018, TRY (55D) - Domestic bonds TRFAKBK918J9 0% 176 149 000  TRY 07/11/2018 09/04/2018
Akbank, 0% 8nov2018, TRY (120D) - Domestic bonds TRFAKBKK1828 0% 174 210 000  TRY 07/11/2018 11/08/2018
Akbank, 0% 17aug2018, TRY (38D) - Domestic bonds TRFAKBK818T0 0% 52 379 000  TRY 07/10/2018 08/17/2018
Akbank, 0% 4sep2018, TRY (56D) - Domestic bonds TRFAKBK918K7 0% 21 000 000  TRY 07/10/2018 09/04/2018

Cbonds Bond Market Indices

Daily indices

Type: 07/18/2018 07/17/2018 07/16/2018 07/13/2018 07/12/2018 07/11/2018 07/10/2018
Euro-Cbonds Sovereign Turkey
Euro-Cbonds Sovereign Turkey  130.55 129.30 129.05 128.11 127.96 129.51 130.64
Euro-Cbonds Sovereign Turkey PI 84.01 83.20 83.05 82.48 82.40 83.43 84.19
Euro-Cbonds Sovereign Turkey D 2 523.00 2 504.00 2 503.00 2 481.00 2 479.00 2 496.00 2 513.00
Euro-Cbonds Sovereign Turkey YTM 7.18 7.32 7.35 7.45 7.46 7.28 7.15
Euro-Cbonds Sovereign Turkey YTM eff 7.31 7.46 7.48 7.59 7.60 7.41 7.28
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World Bond market statistics

Monthly indices

Type Jun 2018 May 2018 Apr 2018 Mar 2018 Feb 2018 Jan 2018 Dec 2017
Domestic government bond market (Eastern Europe)
Turkey govt Bonds outst., EUR bln (without Bills) 111.55 112.23 119.33 118.35 123.46 123.13 125.14
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Quarterly indices

Type I 2018 IV 2017 III 2017 II 2017 I 2017 IV 2016 III 2016
BIS volume of international-bond market of emerging countries
Turkish international bonds, USD bln 146.500 142.600 138.800 137.400 125.900 120.600 117.900
BIS net issues of international-bond market of emerging countries
International-bond net issue of Turkey, USD bln 3.400 3.600 1.100 10.300 4.900 4.100 2.100

New issues of Emerging markets International Bonds

Yearly indices

Type 2017 2016 2015 2014
Annual new International Bonds issues (Eastern Europe)
Annual new issues of Turkey sovereign international bonds, USD bln 9.126 5.500 3.000 7.308
Annual new issues of Turkey corporate international bonds, USD bln 10.415 8.010 4.165 12.175
Annual new issues of Turkey corporate international bonds, (financial sector) USD bln 9.203 7.185 3.311 10.223
Annual new issues of Turkey corporate international bonds, (non-financial sector) USD bln 1.211 0.825 0.853 1.952

Emerging Markets International Bonds

Monthly indices

Type Jun 2018 May 2018 Apr 2018 Apr 2018 Mar 2018 Feb 2018 Jan 2018
Eastern Europe International Bonds Markets
International bonds of Turkey, USD bln 116.425 116.521 118.494 118.550 118.628 120.223 120.242
Corporate international bonds of Turkey, USD bln 50.255 50.272 52.009 52.026 51.638 51.825 51.781
Sovereign international bonds of Turkey, USD bln 66.170 66.249 66.485 66.524 66.990 68.397 68.461
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Credit Risk Indicators

Daily indices

Type: 07/19/2018 07/18/2018 07/17/2018 07/16/2018 07/13/2018 07/12/2018 07/11/2018
CDS Turkey (Interactive Data)
CDS 6M Turkey 199.3900 204.7900 208.0000 212.9300 212.4500 195.1000 193.9600
CDS 1Y Turkey 219.1300 225.0200 228.4700 233.8200 233.1000 214.0300 212.7200
CDS 2Y Turkey 245.0000 250.3600 254.1900 260.1400 257.1200 250.3200 248.7700
CDS 3Y Turkey 262.1600 266.9700 271.0700 277.4100 272.5100 270.9200 269.2500
CDS 4Y Turkey 281.1300 285.2200 289.5900 296.3500 290.9800 293.7700 291.9600
CDS 5Y Turkey 303.1900 306.3700 311.0400 318.2800 313.1100 320.3100 318.3400
CDS 7Y Turkey 337.0400 338.5300 343.3900 350.9100 345.6200 357.3300 355.2500
CDS 10Y Turkey 362.0900 362.4800 367.1800 374.4700 367.5600 381.8400 379.8100
CDS 15Y Turkey 380.6100 380.4100 384.7700 391.5400 383.8600 398.8500 396.9400
CDS 20Y Turkey 388.6000 388.1900 392.3500 398.8100 390.9700 406.0000 404.1500
CDS 30Y Turkey 397.1700 396.6200 400.6000 406.7600 398.9100 413.7300 411.9500
Default Probability Turkey (Interactive Data)
6M Default Probability Turkey 1.1300 1.1700 1.1900 1.2300 1.2500 1.1600 1.1600
1Y Default Probability Turkey 2.6900 2.7700 2.8200 2.9000 2.9100 2.6900 2.6800
2Y Default Probability Turkey 6.1900 6.3300 6.4300 6.5900 6.5400 6.3900 6.3600
3Y Default Probability Turkey 9.9000 10.0800 10.2400 10.4700 10.3200 10.2900 10.2400
4Y Default Probability Turkey 14.0000 14.2000 14.4100 14.7300 14.5000 14.6900 14.6100
5Y Default Probability Turkey 18.6100 18.7800 19.0500 19.4600 19.2000 19.6900 19.5900
7Y Default Probability Turkey 27.8800 27.9600 28.3100 28.8500 28.5100 29.4700 29.3400
10Y Default Probability Turkey 39.9400 39.9300 40.3300 40.9400 40.3400 41.7400 41.5800
15Y Default Probability Turkey 55.7800 55.7000 56.0900 56.6900 55.9100 57.5100 57.3500
20Y Default Probability Turkey 67.3900 67.2800 67.6300 68.1800 67.3800 68.9300 68.7800
30Y Default Probability Turkey 82.7100 82.6200 82.8700 83.2500 82.6100 83.8000 83.6800
CDS Emerging markets (sov.) 
CDS 5Y Turkey mid * * * *   * *
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Risk Management Institute

Daily indices

Type: 07/18/2018 07/17/2018 07/16/2018 07/13/2018 07/12/2018 07/11/2018 07/10/2018
RMI CVI - Europe
Turkey CVI value weighted  132.75 135.20 139.47 139.07 138.87 132.05 110.07
Turkey CVI tail  249.61 250.98 259.23 265.68 279.14 265.89 227.27
Turkey CVI equally weighted  85.19 85.93 89.19 91.18 92.20 89.07 75.19
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Macroeconomic Indicators (World economy)

Monthly indices

Type Jun 2018 May 2018 Apr 2018 Mar 2018 Feb 2018 Jan 2018 Dec 2017
Inflation Rate (World), % to the same period of the previous year
Inflation Rate (Turkey) 15.39 12.15 10.85 10.23 10.26 10.35 11.92
Consumer Prices Indices (CPI, Global)
HICP Turkey, Monthly rate of change, %    1.60 1.90 1.00 0.70 1.00 0.70
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Yearly indices

Type 2017 2016 2015 2014
Government Debt to GDP (World), %
Government Debt to GDP(Turkey) 28.30 28.30 27.50 33.50

JP Morgan

Daily indices

Type: 10/30/2013 10/29/2013 10/28/2013 10/25/2013 10/24/2013 10/23/2013 10/22/2013
EMBI+ (publication was suspended since 30.10.2013) 
EMBI+ Turkey spread * * * * * * *
EMBI Global (publication was suspended since 30.10.2013) 
EMBI Global Turkey * * * * * * *
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200 000
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